Capital markets regulator Sebi on Tuesday said it will auction 11 properties of Arise Bhoomi Developers and its directors on July 14 for a reserve price of over Rs 43 crore to recover investors’ money.
The properties that have been put on sale include land parcels, a shop and a plot, located in Uttar Pradesh and Maharashtra, the Securities and Exchange Board of India (Sebi) said in a notice.
Arise Bhoomi Developers mobilised over Rs 8 crore during 2013-14 from the public in the name of the ‘purchase of agricultural land’ through its various investment schemes, promising them an expected sum at the end of the contract.
The schemes, as per Sebi, qualified to be a CIS (collective investment scheme), which requires compulsory registration from the regulator. However, the company launched the schemes without obtaining the necessary approvals from the regulator.
Inviting bids, Sebi said it will auction the properties belonging to the company and its directors through an online mode on July 14 between 11 am to 1 pm. Further, the total reserve price has been pegged at Rs 43.6 crore.